#Gold #Nasdaq Less than a few weeks ago, we covered GOLD, finishing our report with the weasel words “If Gold now intends a bit of a meltdown, the price needs below 1,813…” Guess what, it didn’t take a few emails to ask for an update, movements on the yellow stuff being painfully dramatic on Monday 22nd November.
Once again, with Gold we can see a perfect example which justifies our pedantic nature, when we remember to add the important caveat which demands a product close a session above a trigger level. In the case of Gold, it failed to close above $1,873, instead enjoying a spiteful little spike upward at 1pm on November 16th to $1877, then immediate retreating. Yet again, this reinforces our utter distrust of price spikes, anywhere in the marketplace. Far too often, an upward spike is the prelude to reversals, the opposite true of a downward spike. Alas, this cannot be trusted as a hard and fast rule, a minute by minute glance at Gold prices showing it happening all the time. However, when a spike blasts through something we regard as an important trigger level, this generally suggests extreme care should be taken.
The price of Gold has now enacted a pretty awful movement, retreating below the Blue downtrend dating back to mid-2020. If this were a share price, we’d be truly alarmed, expecting the worst. The immediate situation threatens weakness below $1802 dripping down to an initial 1794. If broken, we’d hope for a solid bounce at 1768 eventually. Unfortunately, there is a greater danger by retreating below a Big Picture trend, the price now taking up residence in a zone which allows an eventual trip to $1,695, if our target levels keep breaking!
Of course, there’s always the risk we’re ‘only’ witnessing a market having fun at traders expense. If this is the case, any improvement capable of exceeding $1828 should probably be taken seriously as the metal will doubtless experience a surprise pace of recovery, once again with an initial ambition of 1873 and hopefully above. In this instance, we’d hope closure above 1828 shall provide a reasonable triggering event.
The FTSE Quite a few folk are expressing alarm & confusion with FTSE 100 movements. We’re inclined to agree with most sentiments expressed, thanks to immediate movements making less sense than a Boris Johnston speech to industry. About the only thing which makes a slight degree of sense is the FTSE wants to go up, perhaps being restricted by other world markets attempting to retreat.
Closing Monday at 7,265 points, the UK index needs trade above 7,285 points (not with an opening spike) to enter a cycle to an initial 7,321 points. If bettered, we can calculate a secondary at an amazing – and therefore unlikely – 7,378 points.
The alternate scenario allows weakness next below 7,207 to point at reversal to an initial 7,193 points. If broken, we suspect it shall eventually bottom at 7,124 points.
A huge thanks to the folk who found adverts interesting on Monday. We really appreciate the free coffee it generates!
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 9:54:12PM | BRENT | 78.84 | |||||||||
| 9:56:58PM | GOLD | 1805 | 1801 | 1794 | 1765 | 1842 | 1849 | 1862 | 1882 | 1834 | Success |
| 9:58:55PM | FTSE | 7249 | ‘cess | ||||||||
| 10:00:49PM | FRANCE | 7121.2 | |||||||||
| 10:03:21PM | GERMANY | 16093.05 | ‘cess | ||||||||
| 10:05:39PM | US500 | 4688 | Shambles | ||||||||
| 10:08:00PM | DOW | 35660 | Success | ||||||||
| 10:10:06PM | NASDAQ | 16402 | 16365 | 16307 | 16153 | 16604 | 16604 | 16659 | 16757 | 16476 | Success |
| 10:16:29PM | JAPAN | 29660 | ‘cess |
22/11/2021 FTSE Closed at 7255 points. Change of 0.44%. Total value traded through LSE was: £ 4,951,055,285 a change of -23.97%
19/11/2021 FTSE Closed at 7223 points. Change of -0.44%. Total value traded through LSE was: £ 6,512,253,332 a change of 26.1%
18/11/2021 FTSE Closed at 7255 points. Change of -0.49%. Total value traded through LSE was: £ 5,164,170,076 a change of -21.09%
17/11/2021 FTSE Closed at 7291 points. Change of -0.48%. Total value traded through LSE was: £ 6,544,197,629 a change of 2.92%
16/11/2021 FTSE Closed at 7326 points. Change of -0.34%. Total value traded through LSE was: £ 6,358,395,076 a change of 26.19%
15/11/2021 FTSE Closed at 7351 points. Change of 0.05%. Total value traded through LSE was: £ 5,038,681,465 a change of -24.12%
12/11/2021 FTSE Closed at 7347 points. Change of -0.5%. Total value traded through LSE was: £ 6,640,483,437 a change of 17%
SUCCESS above means both FAST & SLOW targets were met. ‘CESS means just the FAST target met and probably the next time it is exceeded, movement to the SLOW target shall commence.
Our commentary is in two sections. Immediately below are today’s updated comments. If our commentary remains valid, the share can be found in the bottom section which has a RED heading. Hopefully, this will mean you no longer need to flip back through previous reports. HYPERLINKS DISABLED IN THIS VERSION
Please remember, all prices are mid-price (halfway between the Buy and Sell). When we refer to a price CLOSING above a specific level, we are viewing the point where we can regard a trend as changing. Otherwise, we are simply speculating on near term trading targets. Our website is www.trendsandtargets.com.
UPDATE. We often give an initial and a secondary price. If the initial is exceeded, we still expect it to fall back but the next time the initial is bettered, the price should continue to the secondary. The converse it true with price drops.
We can be contacted at info@trendsandtargets.com. Spam filters set to maximum so only legit emails get through…
Section One – Outlook Updated Today. Click here for Section Two – Outlook Remains Valid shares
Click Epic to jump to share: LSE:AML Aston Martin** **LSE:BARC Barclays** **LSE:BP. BP PLC** **LSE:DARK Darktrace Plc** **LSE:EMG MAN** **LSE:IGG IG Group** **LSE:MKS Marks and Spencer** **LSE:NG. National Glib** **
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Updated charts published on : Aston Martin, Barclays, BP PLC, Darktrace Plc, MAN, IG Group, Marks and Spencer, National Glib,
LSE:AML Aston Martin Close Mid-Price: 1604 Percentage Change: -0.47% Day High: 1625.5 Day Low: 1570.5
If Aston Martin experiences continued weakness below 1570.5, it will inva ……..
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View Previous Aston Martin & Big Picture ***
LSE:BARC Barclays. Close Mid-Price: 194.74 Percentage Change: + 1.98% Day High: 195.32 Day Low: 191.22
This is showing a relatively interesting near term potential. The price on ……..
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View Previous Barclays & Big Picture ***
LSE:BP. BP PLC. Close Mid-Price: 334.4 Percentage Change: + 2.40% Day High: 334.9 Day Low: 324.2
Now below 323 suggests coming reversal to an initial 307. If broken, we ca ……..
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View Previous BP PLC & Big Picture ***
LSE:DARK Darktrace Plc Close Mid-Price: 509 Percentage Change: -3.51% Day High: 544 Day Low: 502.5
Target met. Weakness on Darktrace Plc below 502.5 will invariably lead to ……..
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View Previous Darktrace Plc & Big Picture ***
LSE:EMG MAN Close Mid-Price: 226.3 Percentage Change: -0.61% Day High: 229.6 Day Low: 225.8
Something doesn’t feel right here as weakness below 225 indicates the pote ……..
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View Previous MAN & Big Picture ***
LSE:IGG IG Group Close Mid-Price: 766 Percentage Change: -0.26% Day High: 776 Day Low: 761.5
Continued weakness against IGG taking the price below 761.5 calculates as ……..
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View Previous IG Group & Big Picture ***
LSE:MKS Marks and Spencer. Close Mid-Price: 245.5 Percentage Change: + 1.95% Day High: 249.5 Day Low: 245
Further movement against Marks and Spencer ABOVE 249.5 should improve acc ……..
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View Previous Marks and Spencer & Big Picture ***
LSE:NG. National Glib. Close Mid-Price: 985 Percentage Change: + 0.15% Day High: 992.7 Day Low: 979.6
Target met. In the event of National Glib enjoying further trades beyond ……..
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View Previous National Glib & Big Picture ***